I was talking to a landlord who owns a number buy to let properties around Yorkshire. He asked me what I thought were the most affluent areas in Yorkshire to invest. Whilst I tried to remain as unbiased as possible, I’m always inclined to sway towards York as it is such a beautiful city to live in and in my case, work.
It was really interesting to compare price differentials around Yorkshire and gauging how housing prices have moved. Property prices in York by end of 2016 had for the year sold for £232,481 on average and by end of 2017, sold for £242,589; an increase of £10,108 or circa £194 per week.
This keeps more or less in line with the UK average (up by £190 per week) and compares favourably against other areas in Yorkshire where Leeds is up £147 per week and Doncaster up £42.38 per week.
These increasing prices have consequently led to increasing demands in the York private rental sector especially for those who prefer living within close proximity of York City centre.
With yields of circa 4-6% and great capital growth potential, now is a great time to get on the York buy-to-let property ladder or expand your portfolio.
In other news, York has been voted the best place to live in the UK in 2018 according to The Sunday Times, being described as “the perfect mix of heritage and hi-tech”.
While there were a number of features which won York City this accolade, the ones which relate directly to York property were as follows:
“Fastest internet in Britain” which invariably will be a big tick in the box for owner/occupiers, tenants and by extension, landlords.
The article goes on to mention that, “Prices in York have risen by 6.3% in a year. Many houses in Clifton — top streets are Marygate and St Peter’s Grove — change hands privately, so you could look to Bishopthorpe (“Bishy”) Road, a hub of Victorian terraces, independent shops and cafes near the racecourse, or Fulford, two miles south of the city centre. Cheaper Haxby is popular with renters and first-timers.”
According to Sunday Times, the average York house price is £301,320
Starter home (flat) £180,290 (£660 pcm)
Mid-market (semi) £415,480 (£1,140 pcm)
Family (detached) £597,760 (£1,590 pcm)
In short, if ever there was a better time to invest in York property, it is now.